Ethos Ltd Q2 net profit rises 14 percent to Rs 21 crore

Ethos Ltd, a luxury watch retailer reported a 14 percent increase in net profit to Rs 21 crore ($2.5 million) for the second quarter ended September 30, as against Rs 19 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 26 percent to Rs 297 crore, as against Rs 235 crore in the corresponding quarter of the previous fiscal year.

Commenting on the results, Pranav Saboo, managing director CEO of Ethos Ltd in a statement said, “We are pleased to announce a 22.6% growth to Rs 570 crore in H1FY25 compared to Rs 465 crore in H1FY24. This growth is primarily driven by an increase in the share of luxury and high-luxury segments, a rise in ASP, and volume growth.”

“To support our growth ambitions, we recognise the critical importance of talent acquisition and development, and we will continue to invest in this area to drive faster growth in this challenging environment. This comprehensive approach to human capital development will be instrumental in our goal of achieving a 10x increase in revenue over the next decade,” he added.

During the first half of the financial year, Ethos opened 12 new stores and plans to open 13 more by the end of FY25. Additionally, since April, the company added three new exclusive brands to its portfolio.

Ethos Ltd is currently operational in 26 cities with a total of 72 stores including 2 duty-free stores at Delhi and Bengaluru.